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Wednesday, September 22, 2021

Escorts posts 21.7% decline in tractor sales at 5,693 units in August

Escorts said this year August sales are not strictly comparable with those of the year-ago month due to existence of pent-up demand last year, post COVID-19 nationwide lockdowns.

By: PTI | New Delhi |
Updated: September 1, 2021 10:59:41 am
Escorts, Escorts tractor salesOn the outlook, Escorts said, "As we enter festive season months, we see farmer sentiment strong and enquiry level building up, driven by favourable macroeconomic factors, reasonably good water level of reservoirs, good pace of Kharif sowing and continued support by the government in agri sector." (Image: Escorts)

Farm machinery and construction equipment major Escorts on Wednesday reported 21.7 per cent decline in total tractor sales at 5,693 units in August 2021.

The company had sold a total of 7,268 units in the same month last year, Escorts said in a regulatory filing.

Domestic tractor sales were down 27.1 per cent at 4,920 units as against 6,750 units in August 2020, it added.

Escorts said this year August sales are not strictly comparable with those of the year-ago month due to existence of pent-up demand last year, post COVID-19 nationwide lockdowns.

Exports were, however, up 49.2 per cent at 773 units as compared to 518 units in the year-ago month, the company said.

On the outlook, Escorts said, “As we enter festive season months, we see farmer sentiment strong and enquiry level building up, driven by favourable macroeconomic factors, reasonably good water level of reservoirs, good pace of Kharif sowing and continued support by the government in agri sector.”

Some parts of the country have faced a deficit of rainfall in July and August, and it remains to be seen how the monsoon behaves in September. Inflation continues at unprecedented levels, it added.

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